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Today's Shanghai copper main contract 1612 contract under pressure decline, intraday trading at 37410-37150 yuan / ton, the end of the close at 37190 yuan / ton, down 0.
56% per day, the current Shanghai copper fell back to the moving average intertwined operation, below the support to focus on the integer mark of 37000 yuan / ton
.
In terms of term structure, the copper market turned into a negative arrangement of near high and far low, and the negative spread between the Shanghai copper 1611 contract and the 1612 contract was 20 yuan / ton
.
Externally: Asian Lun copper was in the weak finishing below the moving average group for the third consecutive day, of which the 3-month London copper edged down 0.
1% to 4670 US dollars / ton, its technical form is weaker than Shanghai copper, short-term decline risk remains, and the lower support focuses on 4600 US dollars / ton
.
In terms of positions, on October 17, the position of London copper was 322,000 lots, a daily decrease of 4,868 lots, indicating that after the copper price fell, the confidence of bulls to do long was obviously insufficient, and the bears currently have the advantage
.
On the macro front: The Asian dollar index is weakly fine-tuned and is now trading around 97.
77, but still close to the seven-month high set this week
.
China's GDP grew by 6.
7% as expected, unchanged for the third consecutive quarter, but the added value of industries above designated size increased by 6.
0% year-on-year from January to September, slightly lower than the expected 6.
1%, indicating that downward pressure on industry remains
.
On the industry front, it is reported that Chile's National Copper Union workers are considering a company-wide strike that could be held
by mid-November if the government does not make progress on some of the demands.
In terms of market: on October 19, Shanghai electrolytic copper spot contract reported a premium of 100 yuan / ton - 160 yuan / ton, and the trading price of flat water copper was 37380-37420 yuan / ton
。 In the morning, speculators entered the market in large numbers to receive goods, bargain sucking goods, in order to push up the current copper premium quotation, the market trading was once active, but after entering the second trading session, the current copper premium was gradually raised, that is, inhibiting the market transaction activity, flat water copper from the morning premium 100 yuan / ton to 130 yuan / ton, the premium copper from the premium 130 yuan / ton to the premium 160 yuan / ton, the downstream is mainly on-demand delivery, the transaction first rises and then suppresses, and continues to be dominated by middlemen replenishing inventory
.
The Shanghai copper 1612 contract came under pressure to fine-tune during the day, as China's GDP stabilized in the third quarter as expected, but the slowdown in industrial growth made the copper market demand outlook worried, and the market is currently concerned about the interpretation of a series of Chinese economic data outside the market, and long and short trading is still cautious
.
In terms of operation, it is recommended that the Shanghai copper 1612 contract can be cautiously short below 37700 yuan, with a target of 36800 yuan
.
